If you side with one (Meaning Legion or NCR), you cannot side with the other.
If you work with NCR for an amount of time, the Legion will shun you, and will send assassins after you.
If you work with the Legion for an amount of time, The NCR notes you as a terrorist and sends bounty hunters after you.
As for House/Yes Man, you fail "Don't Tread on the Bear" (that means you cannot help the NCR) after you finish up all the side faction quests, and move on to the substation quest.
An example: If you side with the Legion and make it all the way to the final battle, and decide you don't like them, your only option is to activate Yes Man and go the independent route.
I recommend Legion to anyone who hasn't done their quests, because they are actually quite interesting and bring a different flavor to New Vegas.
Overall, however, I'd probably recommend Mr. House if you want the best outcome for Vegas and the mojave, and you like being in the good karma range. Some people have different opinions on this, however, so you will have to make your own choice in the end.
EDIT: It is more than acceptable to support the NCR if you are more of a good karma person as well, because I think NCR is the only way you can get a complete good ending.